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Transcripts For BBCNEWS Business 20240607

we start in the us, where the british tech tycoon mike lynch has been cleared of fraud charges in a san francisco court. once hailed as a uk bill gates, mr lynch was facing fraud charges over the $11 billion sale of his software firm, autonomy, to hewlett packard back in 2011. mr lynch had been accused of inflating the value of his firm ahead of the sale a jury has found him not guilty on all counts. our north america business correspondent erin delmore has the details. when autonomy was sold to hewlett packard 13 years ago for $11.1 billion, it was one of the top 100 public companies in the uk. the sale marked the la rgest ever takeover of a british technology business. but hewlett packard later wrote down the company s value by more than $8 billion, leading to criminal charges that mike lynch had defrauded hewlett packard by inflating the value of autonomy. the businessman was extradited from britain to the united states to stand trial on the charges, which could have put

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it worked, the share price soared and short sellers were forced out and then it kind of went away for a couple of years. it seems indicative of a market that was maybe too hot, interest rates were very low, people may be had too much cash to spend, we have stimulus checks in the us which seem to contribute to it. now there is a sign there may be more to it, they mayjust be power in the social push, light groups, large numbers backing these household names and we will see, i guess later this week, just how much there is behind this, whether my people are looking to get involved and whether this will once again stretch beyond gamestop. you mentioned stretch beyond gamestop. you mentioned it stretch beyond gamestop. you mentioned it happened a while ago, in 2021, this push. there was a series of congressional hearings looking into the practice of brokers and gamy find retail trading. have there been changes brought since then, safeguards for people taking risks? then, safeguards for

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